An unpublished report revealed that 90% of today’s troubled mortgage originators did not use CRM technology to conduct their business. Ah Ha! That explains it! How could they reach out to their customer base! What customers? How could they deepen those relationships without the tools we all know and love!
Faced with a contact management challenged situation, the only choice of mortgage originators was to package those loans and sell them off to some innocent wholesaler who hopefully had a CRM system. Now you know the real cause of the sub prime mortgage crisis. It was not the corporate mantra of growth at all costs, nor was it that sneaky little practice of yield spread premium fees between banker and broker ... it was not having a CRM system in the first place.
So the next time your CEO asks what he is getting for his CRM investment, just keep a running tally of the billions of dollars lost on the downside. Of course this is for the contact management feature only. Imagine if you factored in pipeline analysis, campaign marketing … well you get the picture!
Note, this does not replace the great advice from Scott Santucci, BluePrint Marketing, in a previous blog that addresses real issues.
Steve Salaway
S.P.Salaway & Associates LLC